Ethereum Extends Its Price Consolidation; When Should You Enter?
With the overall market witnessing uncertainty, the Ethereum price counts its lateral walk within a narrow range. The altcoin currently trades at the $1284 mark with an 0.72% intraday jump. If the ongoing selling pressure persists, the prices will retest the $1245 support level.
Key points:
- The Ethereum price is trapped within a no-trading zone.
- The falling price with decreasing volume indicates a possible price reversal from $1245 support
- The intraday trading volume in Ethereum is $6 Billion, indicating a loss of 16.4%.
Source- Tradingview
The Ethereum market price maintains a lateral trend between the $1247 support level and the overhead resistance of $1427. However, the declining trend within the consolidation range leads to a descending triangle pattern in the daily chart.
The downtrend is maintained under check with the 20-day EMA accounting for a drop of 3.8% over the last week. Currently, the market price is close to the support level with no significant movement in the trading volume, increasing the possibility of a bearish breakdown.
In case a daily candle closes below the $1247 support level, a downtrend seems inevitable to the $1150 mark accounting for a price dump of 9.5%.
On an optimistic note, the low price rejection candle on October 12th reflects high demand pressure below the $1247 support level. Therefore, in case of a bull cycle, breaking about the resistance trendline sideline Traders can find a lucrative buying opportunity.
The bullish breakout rally of the descending triangle will reach the bearish ceiling of $1427, accounting for a price jump of 10.85% percent.
Technical indicator-
Relative Strength Index: a bullish divergence in the daily-RSI chart shows a high possibility of a trendline breakout. Moreover, the buyers will gain additional confirmation if the indicator slope jumps above the midline.
Bollinger band indicator: the Ethereum coin price moving below the indicator’s neutral line indicates that the sellers are controlling the current price movement.
Ethereum intraday price levels
- Spot price: $1324
- Trend: Sideways
- Volatility: High
- Resistance level- $1400 and $1550
- Support level- $1230 and $100
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